Last checked at 30 Oct 2015 07:00
Translation |
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. |
Summary of Consolidated Financial Results for the Six Months Ended September 30, 2015 (Based on Japanese GAAP) | |||||
October 29, 2015 | |||||
Company name: | MARUWA CO., LTD. | ||||
Stock exchange listing: | Tokyo, Nagoya | ||||
Stock code: | 5344 | URL http://www.maruwa-g.com/ | |||
Representative: | President and Representative Director | Sei Kanbe | |||
Inquiries: | Director, General Manager of Administrative Division | Tetsuya Nagamitsu | TEL 0561-51-0839 | ||
Scheduled date to file Quarterly Securities Report: | November 13, 2015 | ||||
Scheduled date to commence dividend payments: | December 7, 2015 | ||||
Preparation of supplementary material on quarterly financial results: | No | ||||
Holding of quarterly financial results meeting: | No | ||||
(Amounts are rounded off to the nearest million yen) |
1. Consolidated financial results for the six months ended September 30, 2015 (from April 1, 2015 to September 30, 2015)
(1) Consolidated operating results (cumulative) | Percentages indicate year-on-year changes |
Net sales | Operating income | Ordinary income | Profit attributable to owners of parent | |||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
Six months ended September 30, 2015 | 14,564 | (7.9) | 1,472 | 15.8 | 1,447 | (4.0) | 852 | 12.7 |
Six months ended September 30, 2014 | 15,821 | 3.1 | 1,271 | (3.3) | 1,508 | 8.1 | 756 | (30.1) |
Earnings per share | Diluted earnings per share | |
Yen | Yen | |
Six months ended September 30, 2015 | 68.99 | 68.99 |
Six months ended September 30, 2014 | 61.20 | 61.20 |
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | |
Millions of yen | Millions of yen | % | |
As of September 30, 2015 | 46,603 | 40,269 | 86.4 |
As of March 31, 2015 | 49,445 | 41,000 | 82.9 |
2. Cash dividends
Annual dividends per share | |||||
| 1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | |
Yen | Yen | Yen | Yen | Yen | |
Year ended March 31, 2015 | - | 18.00 | - | 18.00 | 36.00 |
Year ending March 31, 2016 | - | 19.00 | |||
Year ending March 31, 2016 (Forecast) | - | 19.00 | 38.00 | ||
3. Forecast of consolidated financial results for the year ending March 31, 2016 (from April 1, 2015 to March 31, 2016)
Percentages indicate year-on-year changes |
Net sales | Operating income | Ordinary income | Profit attributable to owners of parent | Earnings per share | |||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Full year | 34,000 | 3.6 | 3,400 | 41.4 | 3,500 | 23.2 | 2,500 | 182.8 | 202.43 |
4. Notes
(1) Changes in significant subsidiaries during the six months ended September 30, 2015 (changes in specified subsidiaries resulting in the change in scope of consolidation): | Yes |
(2) Application of special accounting methods for preparing quarterly consolidated financial statements: | No |
(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations: | Yes |
Changes in accounting policies due to other reasons: | No |
Changes in accounting estimates: | No |
Restatement of prior period financial statements: | No |
(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2015 | 12,372,000 | shares | As of March 31, 2015 | 12,372,000 | shares |
Number of treasury shares at the end of the period
As of September 30, 2015 | 21,983 | shares | As of March 31, 2015 | 21,983 | shares |
Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2015 | 12,350,017 | shares | Six months ended September 30, 2014 | 12,350,070 | shares |
Quarterly consolidated financial statements
Consolidated balance sheets
(Thousands of yen) | ||
As of March 31, 2015 | As of September 30, 2015 | |
Assets | ||
Current assets | ||
Cash and deposits | 14,224,593 | 14,222,887 |
Notes and accounts receivable - trade | 8,491,300 | 7,318,917 |
Electronically recorded monetary claims - operating | 439,199 | 434,571 |
Merchandise and finished goods | 2,170,099 | 2,372,151 |
Work in process | 1,864,301 | 1,698,904 |
Raw materials and supplies | 3,097,696 | 3,009,551 |
Deferred tax assets | 319,540 | 316,618 |
Other | 811,100 | 673,612 |
Allowance for doubtful accounts | (11,420) | (11,480) |
Total current assets | 31,406,408 | 30,035,731 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 9,941,584 | 9,822,671 |
Accumulated depreciation | (5,306,942) | (5,297,182) |
Buildings and structures, net | 4,634,642 | 4,525,489 |
Machinery, equipment and vehicles | 18,005,004 | 17,112,347 |
Accumulated depreciation | (13,486,127) | (12,968,571) |
Machinery, equipment and vehicles, net | 4,518,878 | 4,143,776 |
Land | 3,518,446 | 3,520,222 |
Construction in progress | 1,786,282 | 1,221,329 |
Other | 3,514,181 | 3,321,464 |
Accumulated depreciation | (2,980,477) | (2,822,393) |
Other, net | 533,704 | 499,071 |
Total property, plant and equipment | 14,991,951 | 13,909,887 |
Intangible assets | ||
Goodwill | 426,091 | 280,998 |
Other | 450,485 | 418,023 |
Total intangible assets | 876,575 | 699,021 |
Investments and other assets | 2,170,275 | 1,958,153 |
Total non-current assets | 18,038,802 | 16,567,061 |
Total assets | 49,445,209 | 46,602,792 |
(Thousands of yen) | ||
As of March 31, 2015 | As of September 30, 2015 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 3,989,435 | 2,636,068 |
Current portion of long-term loans payable | 992,576 | 224,884 |
Income taxes payable | 393,528 | 593,377 |
Provision for bonuses | 458,819 | 440,697 |
Provision for directors' bonuses | 4,750 | 4,750 |
Notes payable - facilities | 184,241 | 240,894 |
Other | 1,690,996 | 1,655,129 |
Total current liabilities | 7,714,345 | 5,795,799 |
Non-current liabilities | ||
Long-term loans payable | 253,393 | 184,451 |
Provision for environmental measures | 26,256 | 26,256 |
Other | 451,317 | 327,514 |
Total non-current liabilities | 730,966 | 538,222 |
Total liabilities | 8,445,311 | 6,334,021 |
Net assets | ||
Shareholders' equity | ||
Capital stock | 8,646,720 | 8,646,720 |
Capital surplus | 11,946,793 | 11,946,793 |
Retained earnings | 19,824,325 | 20,454,091 |
Treasury shares | (46,922) | (46,922) |
Total shareholders' equity | 40,370,916 | 41,000,681 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 130,601 | 72,999 |
Foreign currency translation adjustment | 495,314 | (806,684) |
Total accumulated other comprehensive income | 625,915 | (733,685) |
Subscription rights to shares | 1,775 | 1,775 |
Non-controlling interests | 1,293 | - |
Total net assets | 40,999,898 | 40,268,771 |
Total liabilities and net assets | 49,445,209 | 46,602,792 |
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Thousands of yen) | ||
Six months ended September 30, 2014 | Six months ended September 30, 2015 | |
Net sales | 15,821,000 | 14,564,403 |
Cost of sales | 10,728,722 | 9,468,304 |
Gross profit | 5,092,278 | 5,096,099 |
Selling, general and administrative expenses | 3,821,576 | 3,624,062 |
Operating income | 1,270,702 | 1,472,037 |
Non-operating income | ||
Interest income | 20,907 | 16,999 |
Rent income | 50,911 | 46,564 |
Foreign exchange gains | 172,439 | - |
Other | 28,162 | 28,816 |
Total non-operating income | 272,419 | 92,378 |
Non-operating expenses | ||
Interest expenses | 7,479 | 3,498 |
Foreign exchange losses | - | 87,517 |
Rent expenses on real estate for investments | 18,647 | 19,279 |
Other | 8,942 | 6,966 |
Total non-operating expenses | 35,068 | 117,260 |
Ordinary income | 1,508,053 | 1,447,156 |
Extraordinary income | ||
Gain on sales of non-current assets | 1,406 | 3,617 |
Gain on sales of investment securities | 21,498 | - |
Subsidy income | 755,000 | - |
Total extraordinary income | 777,905 | 3,617 |
Extraordinary losses | ||
Loss on sales and retirement of non-current assets | 5,119 | 924 |
Loss on reduction of non-current assets | 738,327 | - |
Impairment loss | 192,134 | - |
Loss on sales of investment securities | - | 6,816 |
Other | 36,589 | - |
Total extraordinary losses | 972,170 | 7,740 |
Income before income taxes and minority interests | 1,313,788 | 1,443,033 |
Income taxes - current | 559,741 | 566,589 |
Income taxes - deferred | (1,898) | 24,378 |
Total income taxes | 557,843 | 590,967 |
Profit | 755,944 | 852,066 |
Profit attributable to non-controlling interests | 98 | (0) |
Profit attributable to owners of parent | 755,847 | 852,066 |
Consolidated statements of comprehensive income (cumulative)
(Thousands of yen) | ||
Six months ended September 30, 2014 | Six months ended September 30, 2015 | |
Profit | 755,944 | 852,066 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 47,348 | (57,602) |
Foreign currency translation adjustment | 548,848 | (1,301,997) |
Total other comprehensive income | 596,196 | (1,359,600) |
Comprehensive income | 1,352,141 | (507,534) |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 1,352,043 | (507,534) |
Comprehensive income attributable to non-controlling interests | 98 | (0) |
Consolidated statements of cash flows
(Thousands of yen) | ||
Six months ended September 30, 2014 | Six months ended September 30, 2015 | |
Cash flows from operating activities | ||
Income before income taxes and minority interests | 1,313,788 | 1,443,033 |
Depreciation | 1,054,068 | 913,301 |
Impairment loss | 192,134 | - |
Amortization of goodwill | 145,093 | 145,093 |
Increase (decrease) in allowance for doubtful accounts | (815) | (1,080) |
Loss (gain) on sales of investment securities | (21,498) | 6,816 |
Loss (gain) on sales and retirement of non-current assets | 3,713 | (2,693) |
Loss on reduction of non-current assets | 738,327 | - |
Interest and dividend income | (23,062) | (27,371) |
Foreign exchange losses (gains) | (153,272) | 378,400 |
Decrease (increase) in notes and accounts receivable - trade | 1,103,346 | 795,167 |
Decrease (increase) in inventories | (831,381) | (301,878) |
Increase (decrease) in notes and accounts payable - trade | (404,829) | (1,322,409) |
Other, net | 250,245 | 130,053 |
Subtotal | 3,365,856 | 2,156,432 |
Interest and dividend income received | 23,152 | 27,910 |
Interest expenses paid | (8,057) | (2,763) |
Income taxes paid | (956,776) | (436,776) |
Net cash provided by (used in) operating activities | 2,424,175 | 1,744,803 |
Cash flows from investing activities | ||
Payments into time deposits | (293,611) | - |
Proceeds from withdrawal of time deposits | 663,999 | 24,716 |
Purchase of property, plant and equipment | (1,263,952) | (630,939) |
Proceeds from sales of property, plant and equipment | 68,572 | 13,951 |
Purchase of investment securities | (2,026) | (1,882) |
Proceeds from sales of investment securities | 62,002 | 95,980 |
Purchase of intangible assets | (39,055) | (21,366) |
Other, net | (48,492) | 1,277 |
Net cash provided by (used in) investing activities | (852,563) | (518,262) |
Cash flows from financing activities | ||
Repayments of long-term loans payable | (209,742) | (820,482) |
Purchase of treasury shares | (210) | - |
Cash dividends paid | (209,952) | (222,300) |
Dividends paid to non-controlling interests | - | (1,233) |
Net cash provided by (used in) financing activities | (419,904) | (1,044,016) |
Effect of exchange rate change on cash and cash equivalents | 129,265 | (136,547) |
Net increase (decrease) in cash and cash equivalents | 1,280,973 | 45,979 |
Cash and cash equivalents at beginning of period | 12,507,198 | 13,683,508 |
Increase in cash and cash equivalents from newly consolidated subsidiary | - | 7,000 |
Cash and cash equivalents at end of period | 13,788,171 | 13,736,486 |